Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Chubb Limited reported strong results for the second quarter of 2025, marked by record core operating earnings per share (EPS) of $6.14, a 14% increase from the previous year.</li><li>This performance was underscored by record underwriting income and robust investment results.</li><li>The company's diversified global presence played a pivotal role in these results, with all business lines and regions contributing to growth.</li></ul>

Chubb Limited reported strong results for the second quarter of 2025, marked by record core operating earnings per share (EPS) of $6.14, a 14% increase from the previous year.This performance was underscored by record underwriting income and robust investment results.The company's diversified global presence played a pivotal role in these results, with all business lines and regions contributing to growth.

Chubb Limited: How Have They Shown Resilience in Light of External Uncertainties?

<ul><li>Chubb Limited recently reported its financial results for the first quarter of 2025 in a call that addressed both the fundamentals of its performance and contextual global market conditions.</li><li>Here, we decipher the nuances of the report with an investment thesis that weighs the positives and negatives from a neutral standpoint.</li><li>Positives emerge from the company’s solid positions within its core operations despite external challenges.</li></ul>

Chubb Limited recently reported its financial results for the first quarter of 2025 in a call that addressed both the fundamentals of its performance and contextual global market conditions.Here, we decipher the nuances of the report with an investment thesis that weighs the positives and negatives from a neutral standpoint.Positives emerge from the company’s solid positions within its core operations despite external challenges.

Chubb Limited: Can It Capitalize On Emerging Market Opportunities To Drive Double-Digit Growth?

<ul><li>Chubb Limited reported strong financial results for the fourth quarter and the entire year, demonstrating continued growth across their business segments despite facing external challenges such as natural disasters and competitive pressures in some insurance markets.</li><li>Positive aspects of the results include record P&C underwriting income with a combined ratio of 85.7% for the quarter, alongside substantial growth in investment income.</li><li>The firm's global P&C premium revenue grew by 6.7% in the quarter, with life insurance premiums rising by 8.5% on a constant dollar basis.</li></ul>

Chubb Limited reported strong financial results for the fourth quarter and the entire year, demonstrating continued growth across their business segments despite facing external challenges such as natural disasters and competitive pressures in some insurance markets.Positive aspects of the results include record P&C underwriting income with a combined ratio of 85.7% for the quarter, alongside substantial growth in investment income.The firm's global P&C premium revenue grew by 6.7% in the quarter, with life insurance premiums rising by 8.5% on a constant dollar basis.

Chubb Limited: How Its Focus on Underwriting Excellence Is Paying Off!

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Quantitative Analysis

<ul>
<li>Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).</li>
<li>Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.</li>
<li>In this note we explore the <em><strong>relative performance</strong></em> of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.</li>
</ul>


Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).
Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.
In this note we explore the relative performance of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.


US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Physicswallah Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/physicswallah-limited" target="_blank" data-smartkarma-citation="entities:45792:1" rel="noopener">Physicswallah</a> raised around US$430m in its India IPO, despite having a decent anchor book.</li>
<li>Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Physicswallah IPO Trading - Decent Anchor but Low Demand

United States

Chubb Limited operates as a property and casualty insurance company. The Company provides commercial and personal property, casualty, and personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.

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Chubb (CB US)

Chubb Limited: How Have They Shown Resilience in Light of External Uncertainties?

Chubb Limited reported strong results for the second quarter of 2025, marked by record core operating earnings per share (EPS) of $6.14, a 14%...

Baptista Research

Chubb Limited: Can It Capitalize On Emerging Market Opportunities To Drive Double-Digit Growth?

Chubb Limited recently reported its financial results for the first quarter of 2025 in a call that addressed both the fundamentals of its...

Baptista Research

Chubb Limited: How Its Focus on Underwriting Excellence Is Paying Off!

Chubb Limited reported strong financial results for the fourth quarter and the entire year, demonstrating continued growth across their business...

Baptista Research

US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

US rates and factor strategies: higher for longer likely to drive outperformance of short duration factor strategies, long US value short US growth.

DMA

Physicswallah IPO Trading - Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

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